How do I surrender my policy?

The first thing to do is call us for a valuation if you haven't done so. Calling us will give you the opportunity to discuss your reasons for surrendering your policy, and whether there may be alternatives available to you.

If you decide to go ahead, we'll send you a pack, which will outline what you need to do and include the relevant form(s) you'll need to go-ahead.

We recognise that surrendering a policy isn’t an easy decision to make, particularly if you have extra benefits and guarantees. Look out for any extra charges too for surrendering your policy before the end date.

But before you make a final decision, take a look at our guide to help you weigh up the pros and cons of surrendering your policy, including some alternative options to consider.

Your policy surrender explained

This guide will help you weigh up the pros and cons of surrendering your policy and what to do should you decide to go ahead.

If your policy is what’s known as ‘qualifying’, any change may lead to it becoming a ‘non-qualifying’ one. In short, it could mean paying more tax on the money paid out to you or loved ones on, or before, your policy’s maturity date.

Potential alternatives to surrendering

There may be alternatives to surrendering your policy depending on the type of policy you have with us.

Take a payment holiday

Withdraw part of your policy fund value

Sell your policy

Switch your investment funds

Reduce your monthly payments

Stop paying into your policy.

Your current policy drives which of these options, if any, will be available to you. So call us to help you find an outcome that works for you.